Why it’s necessary to secure your loved ones financial future
Death is not something any of us like to think about but, much like having a current will, it’s always better to be prepared and having group life insurance as part of your employee benefit plan can help you do that.
If you have a family you want to make sure your loved ones aren’t left struggling from the loss of your income, especially if you are the sole income provider. Also, if you have recurring bills, a mortgage, or other expenses, a life insurance plan will provide the funds to ensure that these things are covered in the event of your death.
A group life insurance program is an excellent way to supplement your own financial planning programs. A common benefit amount will range from 1x – 5x annual earnings. These funds will replace the missing income your family relies on.
It is important to note that, depending on your contract and insurance provider, you may have the option to convert your group life insurance to an individual plan in the event that you leave your employer.